Part of: GS Prelims and GS-III – Economy; Defence and Security
In news
Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for ‘Baroda Military Salary Package’.
Key takeaways
The MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of Indian Army.
Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of Indian Army through the Bank’s network.
The benefits include: Free Personal Accidental Insurance cover, Permanent Total Disability cover, Partial disability Cover and Higher Education Cover and Girl Child Marriage Cover on death in case of serving personnel.
Other offerings: Unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS/NEFT, free Demand Draft/Banker’s Cheque, substantial discount in locker rentals, and various additional benefits in usage of Cards.
